Global Assets Advisory LLC Buys Shares of 9,557 Bank of America Corporation (NYSE:BAC)

Global Assets Advisory LLC bought a new stake in shares of Bank of America Corporation (NYSE:BAC) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,557 shares of the financial services provider’s stock, valued at approximately $399,000.

Other hedge funds have also made changes to their positions in the company. Graney & King LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $25,000. Fairway Wealth LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $29,000. Vega Investment Solutions acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $30,000. Marshall & Sterling Wealth Advisors Inc. acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $31,000. Finally, Spurstone Advisory Services LLC acquired a new position in shares of Bank of America during the fourth quarter valued at approximately $34,000. Institutional investors and hedge funds own 70.71% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on BAC. Keefe, Bruyette & Woods dropped their price target on Bank of America from $55.00 to $52.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Piper Sandler dropped their price target on Bank of America from $45.00 to $42.00 and set a “neutral” rating for the company in a research report on Wednesday, April 16th. Cfra Research upped their price target on Bank of America to $47.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. UBS Group upped their price target on Bank of America from $46.00 to $50.00 and gave the company a “buy” rating in a research report on Wednesday, April 16th. Finally, Truist Financial dropped their price target on Bank of America from $50.00 to $47.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, nineteen have assigned a buy rating and four have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.40.

Bank of America Trading Up 0.4%

Shares of Bank of America stock opened at $46.85 on Thursday. The firm has a market capitalization of $352.87 billion, a price-to-earnings ratio of 13.94, a PEG ratio of 1.26 and a beta of 1.30. Bank of America Corporation has a fifty-two week low of $33.07 and a fifty-two week high of $48.08. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.78 and a current ratio of 0.79. The stock has a 50 day moving average of $42.91 and a 200 day moving average of $43.33.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 15th. The financial services provider reported $0.90 EPS for the quarter, topping the consensus estimate of $0.80 by $0.10. Bank of America had a return on equity of 10.25% and a net margin of 14.56%. The business had revenue of $27.37 billion during the quarter, compared to analyst estimates of $26.83 billion. As a group, research analysts predict that Bank of America Corporation will post 3.7 earnings per share for the current year.

Bank of America Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, June 6th will be given a dividend of $0.26 per share. The ex-dividend date is Friday, June 6th. This represents a $1.04 annualized dividend and a dividend yield of 2.22%. Bank of America’s dividend payout ratio is currently 30.95%.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.